S.Africa govt sells stake in Vodacom to fund Eskom: Treasury

Reuters

S.Africa's Treasury says government has sold stake in Vodacom to finance Eskom. PHOTOS: GCIS

South Africa's government has sold its stake in mobile telephone company Vodacom to the Public Investment Corporation to finance a 23 billion rand allocation to cash strapped power utility Eskom, the Treasury said on Wednesday.
(READ MORE: Eskom not bankrupt says acting CEO)
"The sale of the Vodacom stake was the most viable option for ensuring that government was able to swiftly realise the proceeds and inject equity into Eskom to bolster the utility," the Treasury said in a statement.